alongside heroin and LSD as Schedule I drugs, or substances that authorities say have no accepted medical use and a high potential for abuse. Today, marijuana has remained in this category – ranking higher than fentanyl, cocaine and methamphetamine – despite there being favorable momentum for pot in scientific research and state laws.
A decision is likely to come before the 2024 presidential election, Roth MKM analyst Scott Fortune wrote in a Thursday note to clients. Regulators have previously used the second criterion to uphold marijuana's Schedule I classification, but doing so now may prove difficult, said Fortune, with medical marijuana programs existing in nearly 40 states across the nation.
This has been a hindrance for many cultivators, processors and retailers struggling to remain profitable as the industry sees a"The removal of 280E will have a widespread material impact on the financial performance of every company in the industry, large and small, public and private," said Jeff Schultz, a marijuana attorney at Foley Hoag.
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HHS recommends rescheduling cannabis, and stocks in the sector rallyBloomberg reports that the Department of Health and Human Services is pushing to move cannabis to Schedule III from Schedule I for potential medical use.
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